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as a reduction as congress decides what to do about the automatic spending cuts now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am open to compromise. i agree with the democrats and republicans that the aging population and the rising costs of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform the program without hurting seniors to count on it to survive. there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax coats of that the well as corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we can i keep cutting things like basic research and new technology is still expected to succeed. we are going to have to continue to move forward attended as a reduction but we have to do it in a balanced way, making sure we are growing, even as we get a handle on our spending. one l
-term unemployed. and the payroll tax is going up. but spending cuts have been put off. nancy cordes is on capitol hill. nancy? >> reporter: anthony, after months of procrastination and accusations and closed-door meetings, congress finally passed a fiscal cliff bill last night. it left everyone relieved but no one truly happy. >> the motion is adopted. >> reporter: even republicans who voted for the plan are angry it has no serious spending cuts while democrats think the white house made too many concessions on taxes. kent conrad is a senator from north dakota. >> i hate this agreement. i hate it with every fiber of my being. because this is not the grand bargain that i hoped for or worked for or believed is so necessary to the future of the country. mr. president, this is not by any standard a deficit reduction plan. >> reporter: mostly it's a tax plan. the bill permanently extends the bush-era tax cuts for all household income under $400, 000 a year for individuals and under $ 450rbgs000 for families. the bill also prevents the alternative minimum tax from hitting millions of middle-class fami
action. so when members of congress say they are cutting spending, what they're doing is cutting the growth of spending. i could go on and on, but you get the point. these are once every high school student has heard about when congress was given a lesson. the best news story this year certainly didn't come out of washington or wall street, but it happened right in your neighborhood. 2013 will be even better. i will tell you all about it coming up next. she knows you like no one else. and you wouldn't have it any other way. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. approved to treat ed and symptoms of bph, tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for che
that it involves a lot of spending and tax cuts and tax reductions that congress does at the end of every year anyway. so when congress has a deficit score, as it's called for a particular proposal it assumes that all the tax rates refer to the clinton era tax rates and that millions of americans that normally don't pay the alternative minimum tax would pay the amt and that doctors who treat medicare patients would automatically get a major pay cut beginning at the year. all that is basically spending and tax cuts that congress does at the end of every year anyway. that deficit number, while it is striking, it's basically what the can present to from the congressional budget office assumes congress will do every year. they just can't by law say that will happen because it's not in law. we don't do much long-term was bank. when you said that congresswoman louise slaughter is hoping to get this done before markets over, there will be a vote before markets opened. we may be getting a vote before the end of the day. baboon that's the time we expect the house will vote on this proposal. the senate-
reduction as congress, they decide what to do with the automatic spending cuts that we have now delayed for two months. and i want to make this point as i have demonstrated throughout the past several weeks. i am very open to compromise. and i agree with the democrats and the republicans that the aging population and the rising cost of health care will make medicare the biggest contributor to our deficit. i believe that we've got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that there is further unnecessary spending on government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand and hand with further reforms for our tax codes. and so that the wealthiest corporations and individuals, they can't take advantage of loopholes in deductions that aren't available to most americans. and we can't keep cutting things like the basic research and new technology and still expect it to exceed in the 21st century economy. and so we're going to have to continue to move forward in the deficit red
. that's what he said, that's what we expect. that's what the american people deserve. >> congress is addicted to spending money. maybe they should join spending anonymous. >> fiscal cliff frustration. the fate of your next paycheck sits with the house of representatives. the senate passed a bill early this morning, but the house republicans, including the majority leader say that they need to see more spending cuts on the table. vice president joe biden is trying to broker a deal in the house the same way he did in the senate. reporter danielle nottingham with more. >> reporter: house gop members left closed
for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act now. i just had a good and constructive discussion with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we still may be able to reach agreement that can pass both houses in time. senators reid m. mcconnell are working on such an agreement as we speak. if an agreement is not reached in time between senator reed era senator mcconnell, i will urge senator reid to bring to the floor a basic package for an up or down vote, one never texting middle-class from a tax hike and extends the vital lifeline of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation on economic growth down the opposite reduction. i can hear you over here. i believe such a proposal could pass both houses with a bipartisan majority as long as the leaders allow this to come to a vote. if members of the house or the senate want to vote no, they can. we should let everybody vote. that's the way this is supposed to
spending cuts. there is some talk about putting them off for a couple of months to give congress some time to really look into it in a more deliberative way and find some spending cuts elsewhere. gerri: so, where is the fiscal austerity? where is then no spending? is seems to me like it's all about raising taxes. it's all about spending more money. there is no savings, no cutting back. >> well, senator mitch mcconnell , the republican leader in the senate has been negotiating with the vice-president on behalf of the president, mcconnell went to the floor to say that there will be spending cuts down the road here . they had come to agreement on the tax part of this and wanted to get that passed and approved so that hundred million plus american families would not be facing a tax increase on january january 1st. it looks like that they will. we are going to go over the cliff, but congress is going to try to fix that in the next few days. he promised more spending cuts will come. remember, republicans do have the debt ceiling coming to. they have to approve an increase in the debt ceiling, pr
on your spending. and congress can prevent it from happening, if they act now. leaders in congress are working on a way to prevent this tax hike on the middle class and i believe we may be able to reach an agreement that can pass both houses in time. but, if an agreement is not reached on time, i will urge the senate to hold an up or down vote on a basic package that protect the middle tax from the income tax hike, extends vital unemployment insurance and lays the groundwork for future progress on more economic growth and deficit reduction. i believe such a proposal could pass both houses with bipartisan majorities, as long as these leaders allow it to come to a vote. they still want to vote no, let tax hikes it the middle class, that is their prerogative. but they to let everybody else vote as well. that is the way this is supposed to work. we just cannot afford it politically self-inflicted wound our economy. the economy is growing but keeping it that way means folks you sent to washington have to do their jobs. the housing market is healing but i could stall if folks see smaller
spending cuts happen on march 1st, unless congress acts. that means potentially hundreds of thousands of government employees put at risk. finally, funding for the government itself runs out on march 27th, unless the white house can get some cooperation with republicans in congress. >> that's a mega-cliff coming. thank you so much, jon. >>> and we have a note now under the file, really, did you know this, is it possible? the president has until noon tomorrow to sign that bill into law, but the president is now back in hawaii, so, the question becomes, how does he get it signed? there are two options for this. one, they can fly it overnight to him in hawaii and the other is something called an auto pen. and it's a mechanism that signs the president's signature and did you know that the president's signature can be done this way on a law? they're still not saying yet which option the president will choose. >>> and we have a reminder that tomorrow night, we're going to bring you an interview that will mark an historic milestone. i sat down with 19 of the 20 female senators starting work
for this year, that is something congress typically does at the end of every year. it is not honest budgeting in washington. these are ideas that have come about basically as democrats and republican haves to throw the spending together at the end of every year. adam: we have about a minute before the president will start speaking the spending cuts that are on the table, there are a lot of people say that is enough to put the economy into recession. is that going to keep the democrats from possibly approving this deal? >> depends on the spending cuts. right now you're talking about $94 billion in what is known as the sequester. that is just for next year alone. automatic spending cuts to have to defense, half into other domestic discretionary spending. that combined with the tax increases yes, the con aggressional budget office says yes enough to put us into recession. adam: very quickly, what do you expect to hear from the president? is there anything he says that will especially get your attention? i know that you will be paying attention but will that perk your ears up? >> any type of opti
have 920 billion to cut in spending. we face this fight with a new congress, right? >> yeah. this would be another can-kicking exercise. it would also likely or possibly include any type of spending reform or tax reform to be continued through next year. adam: there's the president. rich, thank you. >> for the past couple of months i've been working with leaders of both parties to try and forge an agreement that would grow our economy and shrink the deficit. a balanced plan that would cut spending in a responsible way but also ask the wealthiest americans to pay a little more. and above all, protect our middle class and everybody who is striving to get into the middle class. i still want to get this done. it is the right thing to do for our families, four or businesses and for our entire economy but the hour for immediate action is here. it is now. we're now at the point where in just four days every american's tax rates are scheduled to go up by law. every american's paycheck will get consider bring smaller. and that would be the wrong thing to do for our economy. it would be bad for m
. perhaps up employment extension and other spending to get through the new year, and congress can, yes, kick the can to next year and figure it out, maybe, next year. back to you. dagen: maybe. rich, thank you so much. great to see you. bringing in former democratic senator of north dakota, in washington, d.c.. senator, great to see you. >> good to be here. dagen: this meeting posturing or progress. what say you? >> well, i mean, there needs to be a meeting and pleased the president called one. i sat in meetings like that with republican and democratic presidents at the white house at times like this, but the fact is i think all of the sides here have had a lost opportunity. implication of the cliff was to create a cliff requiring serious people talking about serious things for about three to four or five months prior to the cliff for big solutions to the economic trouble faced. that didn't happen. now we're to the 12th hour, not unusual for political issues these days, unfortunately, but this all reenforces the notion of why gridlock stops progress on everything here in washington. wh
as congress decides what to do about the automatic spending cuts that we have now delayed for two months. as i have demonstrated throughout the past several weeks, i am very open to compromise i believe that we have to find ways to reform the program. there is further spending that we can eliminate in government. but we can't simply cut away to prosperity. cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can take advantage of loopholes and deductions that aren't available to most americans. and we can't keep putting things like basic research and new technology and still expect to succeed in the 21st century economy.. we have to do it in a balanced way. even as we get a handle on our spending. i will not have another debate with this congress over whether or not they should pay the bills that they have wrapped up through the laws they pass. we cannot pay bills we have already incurred. the consequences would be catastrophic. borrowers from a fiscal cliff we can't go down that path again. today's agreement enshrined
increase on salaries by 2% every worker up to $110,000 a year. then the stuff it didn't do. congress set up new ones, in just two months they will need to deal with the automatic spending cuts and nasty fight over the debt ceiling. last night president obama declared he is not willing to debate congress on the borrowing limit. >> we can't not pay bills that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they
at the partisan deadlock over spending cuts and taxes. >>> with this congress, that was obviously too much to hope for at this time. >> reporter: the senate is still expected to vote on the package tonight. but the house has adjourned until noon tomorrow. kron four's dan kerman is here to tell us how this all unfolded and what going over the cliff means for many americans. >> reporter: the house's decision to delay the vote means unemployment checks for 12 million americans could stop or atleast be delayed. it could also mean that federal workers could be furloughed. >> it could also lead to layoffs of private sector employees that sell goods and services to the federal government. now earlier in the day the president was optimistic the cliff could be avoided. here's how the day unfolded. >> if republicans thing that i will continue deficit reduction with only spending cuts alone that is not how it is going to work. >> what he is saying to the republicans on both sides of the aisle, basically, to the house of representatives is take it or leave it. that is no our president should lead. that is not
. it forces members of congress and president obama to spend the last few days of 2012 on the job. we want to bring in cnn chief white house correspondent, jessica yelen, we all know they would rather celebrate new year's eve elsewhere. how did they get here? >> reporter: it is such a good question, you know, candy, this grid lock in washington creates the eye-rolling. but the fundamental question goes to the essential differences between the two parties about the role of government, should it be bigger or smaller? about whether we want lower taxes or more of a social safety net. so while we have seen the principles, the president, speaker boehner, and now senator mcconnell and reid trying to get involved in stages in the last few weeks, it has always broken down because they fundamentally disagree about the big ideas over the core of this debate. they're fighting between the two parties. and this could get resolved in a matter of days or weeks. but the big difference, the issues could really take months to work out. >> can it be resolved in the matter of few enough days that they meet tha
because congress was focused on spending cuts and larger tax hikes. reporting live from san jose, janine de la vega, ktvu channel 2 news. >>> 8:04. well, san francisco school students who eat school lunches are about to eat healthier. starting on monday, san francisco unified school district will introduce a new lunch menu provided by revolution foods. no more frozen foods, no more mystery meat. revolution foods say they make meals using local ingredients. no high-fuke dose corn syrup and nothing is -- no high- fructose corn syrup and nothing is frozen. >>> a new study finds a few extra pounds may not be bad to your health but the risk of death does rise substantially for those who are obese. researchers at the us centers for disease control analyzed 97 studies involving almost 3 million people worldwide. they found people with a body mass index considered moderately overweight had a 6% chance of death. but those with a higher bmi had a 29% higher chance of death. a bmi of 29 to 30 is considered overweight. i think 20, 25 is considered normal. >> why were you looking at me when you were
, bush era tax cuts will expire january 1st and deep spending cuts will set in. congress set up the deadline hoping it would force a compromise. so far, that's backfired. also flying back on air force one is hawaii lieutenant governor brian schatz. he is replacing the late senator from hawaii, senator inouye. he'll likely be sworn in later today. schatz tweeted he's looking forward to supporting the president's agenda. reporting live in washington, i'm danielle leigh. >>> treasury secretary tim geithner is adding to the pressure saying the treasury may not be able to pay its bill on monday. that could lead to a credit downgrade. in his letter, geithner proposes a series of measures to postpone the date. geithner indicates his plan would free up about $2 who billion. >>> we now have an update on the health of president george h.w. bush who remains in a houston hospital. nbc news has learned his stubborn fever has gotten worse and he was admitted to the intensive care unit on sunday. doctors have him on a liquid-only diet. he's surrounded by family. mr. bush who is 88 years old ha
this morning. late last night congress finally spent president obama legislation. >> this law is just one step in the broader effort to strengthen our economy oar at one point it looked like the deal could fall apart. >> there's no spending cuts. we're adding $4 billion a day to the debt what we're really doing is raising taxes to gift president more money top spend. >> reporter: some republicans were pushing house speaker john boehner to add new spending cuts, but ultimately, there weren't enough votes to get that passed. so the house approved the senate measure. it prevent as tax hike on estates less than $5 million and extends unemployment benefits for some 2 million people but the payroll tax could expire, which means an increase on salaries by 2% for workers earning up to $110,000 a year. then stuff the bill didn't do. to avoid this fiscal cliff congress set up new ones. two ones they will have to deal with the automatic spending cuts. there lab nasty fight over the debt ceiling. last night president obama said he's not willing to debate congress on the borrowing limit. >> we can not not
. there will be more deficit reduction as congress decides to do -- what to do with the automatic spending cuts. i want to make this point. as i have demonstrated, i am very open to compromise. i agreed with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we have got to find ways to reform that program without hurting seniors, who count on it to survive. i believe there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand- in-hand with further reforms to our tax code so that the wealthiest corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we cannot keep cutting things like basic research in new technology and still expect to succeed in a 21st century economy. we are going to have to continue to move forward in deficit reduction. we have to do it in a balanced way, making sure we are growing even as we get a handle on our spending. one l
get in two steps. a small down payment, a tax rate increase and some of the spending measures and some of the other tax measures and perhaps instructions for the next six to eight months to congress to work on entitlement and spending reform and broader tax reform package. but all those specific details when you talk about entitlements and spending on the bigger side. $3-4 trillion deal that would have to be filled in over the next year. >> all right. rich, we appreciate it. just a reminder, 5:00 a.m., cheryl casone will have the latest on overseas trading but also any potential deal or leak that has a deal may be in the works. find out right here on the fox big network. fox business network team starting here at 5:00 a.m. here in new york city. that wraps it right now. we're going to go back to our programming. we are talking cometely off-the-cuff, but we know will not be at 250. i think carrie reed has problems from new york like dianne feinstein of california, and 250 will be a big pill to allow. this is a fiscal cliff that we can have 50 days, 60 days down the road. it does not fix
of spending for congress. you have an extension of the tax credit for three wheeled electric vehicles. i haven't seen any like that. this is another example of congress trying to pick winners in the energy sector and, unfortunately for this administration, they have this fixation on a lot of energy sources. gerri: don't forget about the algae. [laughter] i think that's going to work? the winner by? i mean, professors and some of skewer cool somewhere. >> the substance of algae has shown some promise. if you can use photosynthesis to produce it on a large scale, maybe it works. one that sticks is the cellulosic ethanol provision. here is an industry that has never produced any sizable quantities of ethanol at market prices, yet they get an extension of the tax credit. the amount of land that would be needed to make it work just boggles my mind. it doesn't work. it can't work. and yet they got an extension of the tax credits and in this bill. it is another bad example. gerri: let's talk about something that does work. apparently the coal industry is going great guns and other parts of the world,
, i can do it in two years. that's $1,000 a month. is that even possible? if so, act like congress. raise revenues and reduce spending. so this is what we're going to cut out of our budget, and this is how i'm going to take that extra part-time job or whatever it takes to make that money. >> amy, how do you characterize the market right now? it's in recovery but nowhere near where it was in 2007 and 2008? >> that's right. it really varies by market, in most places across the u.s., the housing market bottomed, but this is a long and slow slog to recovery. our economists predict over the next year across nationwide, home values are only going to rise about 2.5%. it is going to take years and years for us to get back where home values were in most places at the peak. for people thinking about buying, you do have some time to take advantage of these low prices. >> all right. and i know we've been -- wow. profiled people who were financed a couple of times, looking at it again with low mortgage rates. thanks. >>> and most homes and investments are made possible by paychecks. up next, th
the live cliff. >> remember, last year it? was part of a deal to end the debt ceiling crisis. congress agreed to steep a spending cuts going into reduce the deficit. cuts now are just around the corner. >> the president says he's optimistic but did f.a deal can not be reached he'll tell hairy reid to introduce a fall back bill. >> put a bill making sure tax on middle class families don't goup, that unemployment is available for two million people z that lays ground work for additional deficit reductions and economic growth steps we can take in the new year. >> the bill, as the president calls bare minimum isn't what many hoped for, pushing off until next year, larger pron lems of dealing with the cuts. the study by george mason university found cuts will result in two million jobs lost and a $215 billion drop in the nation's gross domestic product. for california, it means defense spending will be cut by half a billion dollars, 12,000 children would lose their access to head head start programs and fewer women would receive screening. 7,000 victims of domestic violence would lose servi
their taxes go up. also not getting done, spending cuts. one analyst said today congress kicked the drone down the road, postponing cuts for another month. republicans say they will fight raising the debt ceiling without significant spending cuts. >> the president has maxed out his credit card and he's not going to get an unlimited credit card. >> he is back in hawaii today but president obama feels congress spent the money and will have to raise taxes further. >> i will not have another debate with congress over whether or not they should pay the bills they have already racked up. >> of late this afternoon, house republican leaders backed down over their decision to postpone a force and the victims after both parties blasted lack of action. now, congress will vote on $9 billion in aid and additional aid later when congress officially returns to the new session. >> we are going to stick with the fiscal cliff for a moment because lawmakers are not the only ones sounding off about it. we have reaction from taxpayers to how much more they will still be paying. >> it is a huge concern
and there will be more deficit reduction as congress decides what to do about the automatic spending cuts that we have now delayed for two months. as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. and i believe there's further unnecessary spending in government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individual can take advantage of loopholes and deductions that aren't available to most americans and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so we're going to have to continue to move forward in deficit reduction but we have to do it in a balanced way, making sure that we are gro
money, but he cannot briblame the congress. this washington is spending our money, spinning things around on us, and just going hog wild. we're not after your president, to the guy from georgia. we are with your president, but we want to get everything in order and have washington quit spending money they don't have. thank you, c-span. host: let's look apsa editorials and our beds in the pages of the newspapers. in the washington post -- and another opinion piece that says -- and another piece, this with a different twist, looking at the cabinet of president obama in his second term. we will be watching on c-span, cabinet choices of the toinistration in the show's come. this is tim from kentucky on our democrat line. caller: how are you? i have always thought about the fiscal cliff and the high taxes. i don't agree with that. i have -- this is my opinion. you cannot blame president obama for every mess-up of every other president we have had. host: what do you think about the resolution on this fiscal cliff deal? do you appreciate the president's role or the role republicans played
, i'm jjnniferrgilbert. you've fiscal cliff lately, here's congress decided to create a meehanismmthht cut militaay spending and entitlemmnt trillion dollars to try to force themselves into a deaal deal. that cliff is heree and it arrives as taxes are set o go up on all americans. anyone making ovee four year to pay more in taxes. conservative republicans don't want to raise taaes on anyyne. they're deeand only áspending cutsá to curb he country'ss debt. vice president biden and minorityyleeder mitch mcconnell are now talking agreement bott sidessof the senate caa agree on. 3 3 &p obviously, whaa had happened here between the two leaaers innthe senate had broken down because the senatt democrats republiianssmade last night. so hoppfully, the discussions back on track, hopefully get a can vote on, hopefully today - or tomorrow. it's not just your taxes, in 26 hours will have a edinn devastatiig effect on deffnse cuts will spiral outward to government conttactors aad coull lead tt widespread layoffs according to economisss. 3 and we're tracking morr breaking
spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion at the white house with the leadership in the senate how to prevent tax hike in the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agre agreement as we speak. if an agreement isn't reached in time between senator reid and senator mcconnell then i will urge senator reid to bring to the floor a basic package for an up-or-down vote. one that protects the middle class from the income tax hike, extends the vital lifeline of the unemployment insurance to 2 million americans looking for a job. and lays the groundwork for future cooperation, more economic growth. deficit reduction. guys, i can hear you over there. i believe such proposal could pass both houses with bipartisan majorities. as long as the leaders allow it to actually come to a vote. if members of the house or senate want to vote no, they can. let even vote. that is the way this is supposed to
to be approved congress. >>> president obama is spending christmas with some of the nation's bravest men and women. greeting marines at a gays near their vacation home in hawaii paying tribute to them and their family. an annual vacation tradition for president obama. that is your 5@5:00. >>> speaking of the president. fox news confirming he will be cutting his vacation short to get back to work on the fiscal cliff. peter doocy has more. >> president obama will departed hawaii for washington, d.c. late tonight leaving his wife michelle and daughters sasha and malia behind. the latest guidance we have from white house is that the president will be back here in the nation's capital where it is presently 36 degrees sometime tomorrow morning. united states government is set to go off the fiscal cliff on new year's day. at this point we don't know if the president plans to return at the to hawaii if the tax hikes are avoided well in advance of the of the new year. he's there to talk to himself. john boehner will come back at any time. his office told us it would be sometime after christmas. s
. it would be bad for middle class families and bad for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> it comes after speaker boehner left the white house. he didn't say anything to reporters and neither did anyone else who was seen leaving the meeting. here's what we do know. in just four days, taxes will go up on millions. and millions more will have their vital unemployment benefits run out. that's why president obama organized the meeting with vice president biden, speaker boehner, nancy pelosi and senators reid and mcconnell. he urged them to extend jobless benefits. we can deal with cuts to defense and domestic programs later. but let's take care of the middle and working class right now. give them assurance ri
-class families and for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i am optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but, if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up-or-down vote, one that protects the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation of more economic growth and deficit reduction. guys, i can hear you over here. i believe such proposal could pass both houses with bipartisan majorities, as long as those leaders allow it to actually come to a vote. if members of the house or the senate want
diverted income tax hikes for most persons but delayed decisions on spending cuts. congress now needs to raise the debt ceiling, he says, so the government can keep paying its bills. if not, he says the consequences could be far worse than the impact of the fiscal cliff. >>> secretary of state hillary rodham clinton will fully recov recover, doctors are confident, from a blood clot in her head. she is said to be in good spirits and making excellent progress. the blood clot behind her right ear formed after a concussion from a fall. >>> justin bieber's sports car. he was not in the car at the time. the photographer was struck by another vehicle as he returned to his own car. officials say no charges are expected against the driver who hit him. >>> today an open house is being held in connecticut at a repurpose school for survivors of last month's sandy hook elementary massacre. teachers and other workers have been busy get thing the space ready for the students, painting and moving furniture. classes at the new facility begin tomorrow. counselors say it's important for children to get
economy. it would be bad for middle-class families and bad for businesses that depend on family spending. fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can mass both houses in time. senators reith and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up-or-down vote, one that protects the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job and lays the groundwork for future cooperation on more economic growth and definite at this time reduction. guys, i can hear you over here. as long as those leader allow it to actually come to a vote. if members of the house or the in a want to vote no, they can. b
for middle-class families, and it would be bad for businesses that depend on family spending. fortunately, congress can prevent it from happening if the act right now. i just had a good and constructive discussion here in the white house with senate and house leadership about how to prevent the tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement is not reached in time, between senator reid and senator mcconnell, i will urge senator reid to bring to the floor a basic package for and getan up or down vote, one that extends the vital lifeline of unemployment insurance to 2 million americans, and lays the groundwork for future cooperation on more economic growth and deficit reduction. i believe such a proposal could pass both houses with bipartisan majorities, as long as those leaders allowed to actually come to a vote. if members of the house of the senate want to vote no they can. but we should let everybody vote. that is the wa
. and there will be more deficit reduction as congress decide to what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks. i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our defic deficit. i belief we have got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that -- that there is further unnecessary spending in government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code. so that the wealthiest corporations and individuals can't take advantage of loopholes and deductions that aren't available to most americans. and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so, we are going to have to continue to move forward in deficit reduction, but we mav to
and congress. $500 billion in combined tax increases and spending cuts set to begin next week. if we go over the cliff, the payroll tax will be affected. >> thanks for having me. the payroll tax is one of the components of the fiscal cliff. as the article points out, most of the discussions back-and- forth have not involved extending that. what that means is that come the first paycheck in january, federal withholding for social security will increase in take- home pay will drop >. >> for what you have seen and heard of the negotiations, on what other items are you most concerned about regarding how going over the cliff is going to affect the average american? >> most of the discussion thus far has focused on the individual income tax provisions that for the most part have been in effect for the past 10 years or so. one aspect of the fiscal cliff is not actually about 2013 taxes, but is still left over business from 2012. most importantly, that is congress has not yet enacted its annual fixed to the alternative minimum tax for this year, yet. if no action is taken, a lot of people probably h
on the beltway. that's a look at the traffic, over to you. >>> tax hikes and spending cuts are hours away. down to the deadline if congress and the president are going to stop the nation from going over the fiscal cliff. without a deal, taxes are set to go up on about every american. >> reporter: talks continue but this morning, still no deal. republicans and democrats nee gobuated all weekend, with the hope of passing legislation that would protect most people from a massive tax hike, set to kick in type at midnight. our top priority is make sure taxes on middle class families don't go up to hurt the economy badly. >> reporter: optimism about a deal over the weekend, when the republican leader in the senate made an offer, that all ended when senate majority leader said he couldn't present a counter proposal, in a hail mary, he phoned for help. >> i placed a call to the vice president to see if he could jump start the negotiations on his side. i'm willing to get this done. i need a dance partner. >> reporter: white house officials say vice president biden is now playing a direct role in the tal
the deal. >> reporter: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. senate leaders continue to work on the stop gap bill, but sticking points remain. >> there's still significant difference between the two sides, but negotiations continue. >> reporter: reid said negotiation also continue through the night, with just hours left till that deadline. john and paula? >>> secretary of state hillary clinton is spending new year's eve in the hospital. during a checkup for her concussion, doctors discovered clinton developed a blood clot. now she's on medication. the medical experts we spoke with speculate that clinton may have developed the clot after days of inactivity due to the concussion. >> we wish her a speedy recovery. >>> millions of americans struggling to navigate roads that are glazed over with ice and snow. >> one crash alone, nine people passed away on an org highway and more than 20 others were injured. >> reporter: on the icy roads of the blue mountains in oregon, a tour bus crash on i-84. drives was also disastrous in the east
spending in this country and congress needs to wake up and smell the coffee that the spending needs to be addressed first and foremost not just raising taxes on americans. >> so david, hard to believe that we are still talking about this. did you see it happening like this? is washington so broken they can't find a compromise? >> i must confess i'm a short term pessimist but a long-term optimist. the country will get back on track but it will take a while. damage has been done because of this craziness in water. business plans are down. business sentiment is down. we're going to pay a price this next year regardless if we go off the cliff. how extraordinary is it? the senate hasn't acted or called back to act on a bill between christmas and new year's for 49 years. the first time in 49 years the senate has had to come back like this. i think the prospects are strong that we are going to go over the cliff. they high because the differences are so big. the republicans are going to clearly get most of the blame if we go over the cliff on taxes but the republicans have an argument. look
and congress needs to wake up and smell the coffee that the spending needs to be addressed first and foremost, not just raising taxes on americans. >> hard to believe we are still talking about. this here we are with virtually no time left on a deal. did you see it happen like this? is washington so broken they continue find a compromise. >> i must confess i have been a short-term pessimist and long-term optimist. i think the country will get back on track eventually but it will take a while. this is extraordinary. damage has already been done because of this craziness in washington. consumer sentiment is down. business plans for investment are down, business sentiment is down. we will pay a price regardless of whether or not we go off the cliff. how extraordinary is it? the senate hasn't acted, hasn't been called to act on a bill in between christmas and new years for 49 years. the first time in 49 years the sthat has had to come back like this. i think the prospects as the others point out, i think the prospect is strong that we will go over the cliff because the differences are so big. the
are at this late hour. all of these tax hikes and spending cuts are slated to take defect in the new year. congress and the white house had spent seven weeks of bickering over all these different elements of the this clip. as you know, there are many elements. many tax provisions, a lot of spending cuts, and at this point, any deal that is reached will not deal with a lot of these things. it is going to potentially make some tax cuts for below $250,000. it will potentially patch the alternative minimum tax. it will not deal with the payroll tax holiday. the most likely will not deal with the sequester. it may earn -- it may or not deal with tax breaks for businesses. for all these arguments and ongoing things about these tax and spending issues, in the end, we will get any compromise, if at all. host: we hear about the flurry of proposals that happened yesterday. any details that emerged from that that will tell us more about what we might be fighting over at the end? is it just numbers in terms of tax brackets, were specific tax proposals? guest: believe what the two are fighting over is the thres
is a problem. medicaid, medicare is a problem. we have to tighten our belts. congress proved they can spend money. they have not proven they can do any belt tightening. >> jim mctague, thank you for your insight on what we have so far on the fiscal cliff. >> thank you. >>> we want to give you an update on secretary of state hillary clinton. this is video shot a short time ago of mrs. clinton leaving new york presbyterian hospital with her husband, former president bill clinton. earlier cnn reported that mrs. clinton had been released from the hospital, but now they are reporting she's been transferred to another hospital. secretary clinton has been hospitalized since sunday after doctors found a blood clot behind her right ear during a followup exam for a concussion that she suffered. doctors have been treating it with blood thinners. >>> today is the first day that courthouses in maryland were open for business after the same sex marriage law took effect new year's day. as kristin fisher reports, six such couples officially tied the knot today at the montgomery county judicial center. ♪
that are scheduled to go into effect. and keep in mind that some of the spending cuts that congress has said will automatically go into effect, have an impact on our defense department, but also impact things like head start. so there are programs scheduled to be cut that we're using an axe instead of a scalpel. may not always be the smartest cuts. so that is a piece of business that still has to be taken care of. i want it make clear that dealing with the automatic spending cuts threatened for next month, they also have to be balanced. remember my principle is, let's do things in a balanced responsible way and revenue has to be part of the equation in turning offer the sequester and eliminate automatic spending cuts as well as spending cuts. the same is true for any future deficit agreement. obviously, we're going to have to do more to reduce our debt and deficit. i'm willing to do more but it has to be balanced. we have to do it in a balanced responsible way. for example, i'm willing to reduce our medicare bills by finding ways to reduce the cost of healthcare in this country. that's somet
for nearly every american. dramatic spending cuts will kick in. president obama and congress will be back from vacation tomorrow. but will anything get done? >>> plus, wild winter weather sweeping through the country. we'll bring you the latest details on which part of the u.s. could be hit next. cnbc's "worldwide exchange" starts now. >>> and welcome to a special edition of reside worldwide. ross andcle reoff today for boxes day in -- kelly are off today for boxing day. for now, you is us. >> we'll start with a brief check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the overseas markets, the u.k. is closed today for boxing day as are some of the former brish colonies. in europe the dax down about there a
that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, they have to be balanced. my principle is to do things in a balanced, responsible way and that means that revenues have to be part of the equation in turning off the sequester and eliminating the automatic spending cuts as well as spending cuts. now, the same is true for any future deficit agreement. obviously, we will have to do more to reduce the debt and deficit. i'm willing to do more but in a balanced, responsible way. for example, i'm willing to reduce the government's medicare bills by finding ne
in front of us. the big cliff on all spending cuts. >> reporter: president obama had scolded congress for waiting so long. >> one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you're suppose to do, they will use that last second. >> reporter: the bush era tax cuts remain in place for individuals earning as much as $400,000 a year and families $450,000 a year. for above the $250,000 level on which president obama campaigned on. but those making more will see higher income taxes, capitol gains, and dividend rates, plus a new health care reform surtax. san francisco tax attorney rob wood says you'll notice in your pay tax will be history. >> the average person earning $50,000 a year is going to pay about $1,000 more in payroll taxes in 2013. >> reporter: the fiscal cliff agreement increases taxes on the states worth more than $5 million. it extends unemployment benefits for one year and keeps the child tax credit for workers who don't earn enough to pay income taxes. the alternative minimum tax got a tax for inflat
as it curbs domestic military spending but getting that through a recalcitrant congress has been challenging. critics fear american technology into the wrong hands. that's a valid concern but blocking sales and strangling america's space industry is an even bigger threat. if you are not selling anything you are not controlling anything, either. working together republicans and democrats solved this problem. they should continue the system and tackle the nation's other problems. thanks for joining us for "this week in defense news." i'm vago muradian. you can watch on-line it at defensenewstv.com. before we go i would like to wish everybody a very happy new year. i'll be back next year at the same time. until then, have a great week. >>> patient centered research, is it more than a slogan. patient leaders rate their progress. i'm steve usdin. welcome to "biocentury this week." >>> your trusted source for biotechnology information and analysis, "biocentury this week." >>> it has blazed the trail. now as we've highlighted many types on "biocentury this week," patients have moved to the center o
hill over the nation's debt and spending. congress approved a bill late last night that averts widespread income tax increases and deep spending cuts some say would threaten to trigger another recession if they all happened at the same time. but the bill just delays the cuts for two more months and we'll do this all over again. the congressional budget deal will add 4 trillion to the deficit. 4 trillion. despite all the back and forth on the income tax debate, at that,s will go up anyway on nearly every american worker. because the bill allows the payroll tax holiday to expire. chem cats -- democrats and republicans fought hard both sides agree it doesn't solve the country's long-term fiscal problems. >> let's send a message to the american people, again while this bill doesn't accomplish all we need to do to grow the economy, reduce the deficit and strengthen the middle class, it is a good way for us to have a happy start to a new year. by taking this first step. >> the fact is that republicans stand for smaller government and fiscal responsibility. there was nothing last nigh
be spending new year's here in dc. >>> congress fails to meet its the fiscal cliff. the u.s. will go over the fiscal cliff tonight at midnight. because of a decision by the republican- led house of representatives to adjourn until tomorrow. and yet despite this decision, we are hearing that. though a day late. congress and the white house have reached a deal. kron 4's dan kerman is here with the very latest on this developing story. >> reporter: the bush tax cut expire at midnight, and if nothing is done, taxes go up for middle class americans. that is what everyone is trying to avoid. late monday evening vice president joe biden and senator harry read headed to the capitol to brief democrats on a deal worked out between congressional leaders and the white house to prevent across the board spending cuts and tax hikes. >> i think that this is a modest goal that we connect ambush. democrats, republicans in congress set to get this done. this is a modest goal that we can accomplish. >> reporter: for a tax hike for couples earning more than 450-thousand dollars a year. that's a compromise. b
spending cuts in that bill. this will have to happen by noon thursday when this congress ends and the new one is sworn in or the whole thing starts over again. the sequestration cuts take effect as the tax cuts -- in fact, they have already taken effect. >> thank you. so what do americans think of the job that congress is doing to solve this fiscal crisis? agoal goal went out to find out. >> they don't think much of what is going on in the building behind me. we crossed the river into virginia and the fact that the fiscal cliff deal is still not done comes to no surprise from everyone you're about to hear from. we traveled to the north side social in arlington with one goal. we asked people for one word to describe congress. >> one word -- >> you guessed it, nonare flattering. >> dysfunctional. >> stubborn. >> silly. >> watching the 112th congress bicker its way through negotiationings leaves people lime tom disappointed. >> i'm adisappointed. >> people like katherine apathetic. >> it seems like a cycle of nonsense. >> it has gotten w
to make it. if congress, the house were to amend that proposal to add the spending cuts to the bill the senate passed last night, republicans understand the senate is unlikely to even consider those changes. >> we are breaking up to go vote in just a moment on otherments. we do expect to vote on this later tonight. >> and what have the amendments, fiical cliff bill taking shape? what are the, size of the cuts you're looking for, where do they come from? >> we're just luking at one possible amendment. and they are going to decide after doing a little bit of discussion among members whether or not to bring it up. >> do you sport that test. >> huh? >> do you support that test? >> personally feel the senate will probably just ignore it as they did a year ago on the payroll situation. and that we'll still be back here. basically dealing with the underlying bill which is the senate version? >> do you have a chance for up-or-down vote on unamended version of the bill? >> yes. i think that will be tonight. >> do you think that will ultimately get past the republican caucus, do you have any
is in trouble. congress has to look at the spending side. the bill does nothing for spendi spendispend. that matters to americans because it effects every sij american by having a higher interest rate. it's very important. both sides were together cooperating and finding a way to cut spending. >>> thank you soichl. so much. >> thank you. happy new year. >> 48 after the hour with the new year come a slew of new laws including some that could surprise you such as a ban on letting pigs run wild. some lawmakers quenching their thirst for regulations with this plastic water bottle ban. we will have more on that. right now let's check in with brian kilmeade he was coming up on fox and friends. happy new year. >> same to you. we are going to go over the next four-hours details on this plan passed by the senate overwell canni -- overwhelmingly. see if it has any hope of passing the house. so far not so good. john will be joining us to look at the financials of this whole deal coming down and put it this way, he doesn't seem happy. lindsay graham will be here live that will be interesting and h
congress passed late last night. this started out as a debt reduction bill and ended with spending and increase the nation's debt. didn't work out exactly as planned. the bottom line, this law will provide 620 billion dollars in new tax hikes. and 15 billion in budget cuts. and for those of you keeping track at home. for every $1 in cut, according to the so-called debt deal adds nearly 4 trillion dollars to federal deficits over the next decade largely because of the extension of lower tax rates for almost all americans. 330 billion dollars of it is also an increase in spending, an increase in spending, more, more spending. plus, congress packed in some special gifts for the railroads, the car racing business, and some friends in hollywood who have some deep pockets. chris is our host of power play on foxnews.com live. happy new year! >> happy new year to you, merry cliff-mass. >> megyn: we went off the cliff and we're kind of off it, but moved the cliff and the cliff is in a weird place. postponed part of it. in any event, there's big tax hikes for the rich and hikes for everyone,
spending cuts first. president obama says congress has an obligation to raise the debt ceiling. and that is not negotiable. >>> just days after u.s. officials blame the popularity of apple devices for a rise in crime, there was a heist in paris. armed robbers hit the main apple store there after it closed. they got away with more than $1 million in apple product, such as the iphone 5. $1 million worth. >>> but the iphone 5 is so last year, apparently. apple seems to be getting ready for this year. there's signs we could see another tim cook announcement this spring for an iphone 6. developers are seeing markers left behind by new devices left at apple headquarters. those markers say iphone 6. >> bigger, faster, stronger, everything. >>> and poor warren buffett, no longer the third-rich et billionaire. the bloomberg billionaire inthe exsays amancia ortega has a net worth of $57.5 billion. second-richest is bill gates with $63 billion. and number one is mexican telecommunications magnate carlos slim, with $75 billion. buffett falling to fourth. >> you are fifth on that list, righ
of washington's revenue and spending problems. >> with this congress, that was obviously too many to hope for at this time. [ laughter ] >> maybe we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides are moving back and forth between meeting rooms on capitol hill on what is normally a quiet new year's eve. the sticking point is spending. the president said to take action on deficit reduction in the next few months and more tax revenue could be involved in those discussions but republicans are furious at that possibility. >> i'm willing to support revenues to deal with this overall problem but what i will not agree to using revenues to replace spending reductions. >> reporter: even in the senate approves the deal by midnight, the house has to pass it. >>> once the deal is done, what will it mean to you and your family's finances? cbs 5 reporter grace lee with the consequences of a compromise. >> reporter: this deal is not official until both houses pass it and it's signed by the president. outlined at this point it's clear at least when it comes
americans and will be more deficit-reduction as congress decides what to do what the automatic spending cuts. that now, will be delayed for the next two months. let me make this point. as i demonstrated for the past several weeks i'm very open to confidence. and i agree with the democrats, republicans that the aging population and a rising cost of health care. makes medicare the biggest contributor to our deficit. i believe that we need to find reform without hurting seniors. that count on it to survive. and i believe there is further unnecessary spending that we could eliminate. but, we cannot simply cut our way towards prosperity. cutting spending past two go hand in hand with four reporters to our tax code. the wealthiest corporations, individuals cannot takes advantage of loopholes. and we cannot keep cutting things like basic research for new technology and still expect to succeed in a 21st century economy. we are going to continue to move forward in deficit-reduction but you would in a balanced way. to make sure the we are growing at making sure the we get a handle on where spending. o
in revenue from the wealthiest households in america, and there will be more deficit reduction as congress decides what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point, as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that there's further unnecessary spending in government that we could eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individuals can't take advantage of loop holes and deductions that aren't available to most americans, and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so we're going to have to continue to
added to the debt and again no spending cuts. again, what is wrong with congress? >> it's outrageous. no one will make the difficult decisions necessary to get this thing done. this is a problem that requires a $4 trillion to $6 trillion fix. quite frankly, the president won't make the move and we've been slow to the dance. and about the senators being drunk since you mentioned it twice, my wife has yelled at me and told me to say nothing good happens after midnight on new year's eve. >> you made the point. there were no hard decisions made. you haven't dealt with the debt ceiling, you haven't dealt with spending cuts. i mean isn't this legislation by procrastination? >> it's worse than that because you know even if you take the president's numbers on what the extra revenue is, it's about $660 billion over ten years which is $60 billion a year. it not only cuts spending but increases it and we're borrowing a trillion. you don't have to be a math professor to figure out -- we all know the president was going to get his way. he campaigned on raising taxes, he wanted to, he wins. now we
programs. so, in march, we may see another round of fighting. president obama says he hopes congress can strike a deal with a little less drama. paula and john? >> don't count on it. >> let's hope so. round two of the spending cuts. what are the chances that republicans go along with raising the debt ceiling? i know they believe maybe they have a little leverage now? >> reporter: i feel like we've seen this movie before. republicans are going to have to vote for raising the debt ceiling. but they want deeper spending cuts and deficit reduction. and they'll probably get it. but it could be another ugly fight in two months. >> it's interesting that john boehner and paul ryan voted in favor yesterday, as well. interesting dynamic there. tahman bradley in washington. thank you, tahman. >>> and new york lawmakers are furious this morning after the house ditched a vote on billions of dollars of aide for victims of hurricane sandy. house gop leaders decided to wait for the new session of congress before taking the vote. new york republican peter king called it absolutely inexcusable. and democr
: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. the tax impact for the average american family, more than 3400 dollars. senate leaders continued to work on a stopgap bill but sticking points remain. >> there's still significant distance between the two sides, but negotiations continue. >> reporter: negotiations will through the night, now with just hours to go until the deadline. abc news washington. >>> for more on the fiscal cliff and what it means for your money, we've got you covered, abc2news.com, just head to our home page slide show for a break down of the different scenarios in washington and what they could mean for your paycheck. >>> and now, maryland's most accurate forecast. >>> gusty winds this afternoon. take a look. a shot that looked very cold in parkville with those clouds, from time to time, mixed in with some sunshine. take a look at chesapeake beach, very gusty winds now along the bay this afternoon. we'll take you up toward frederick, a scenic looking shot and the shot downtown right now, dry but cold. 31 degrees at th
. if congress fails to pass a farm bill, they may end up spending an extra $120 a month on milk. that has dad sean rasmussen worried. >> we will not cut back on milk. they have to have their milk. we might have to cut elsewhere. >> reporter: without new legislation, government price supports for milk will revert to 1949 levels. back then, the process was more laborious, and farmers needed a higher subsidy to cover their costs. dan summer, professor of agricultural economics at the university of california davis, says the new price of milk will be far above what it now costs dairy farmers to produce it. >> it really will be just chaos. nobody really knows how to act. >> reporter: so we would go back to this old farm bill, which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy farmers. >> here's the problem for dairy farmers: they don't want chaos in the milk market. it sounds good-- "gee, everybody will double or triple the price"-- but how much milk would people buy at that price? >> reporter: nobody will pay i
they want to blame the democrats. it is a congress that created the spending in the first place, so this is money they have already spent. so why do they come back and pretend this is something that is out of hand? the deficit has already gone up on spending have already approved. i think we really need to look at what comes out of washington. spending has never been under control. as long as the government is stable, our debt is not really that important. the talk about what we are going to leave for our children and grandkids, while we let our roads fall apart. we do nothing for the future of this country, and they use that all the time to say we cannot leave this huge deficit for our kids and grandkids. at the same time you are cutting pell grants, you are cutting education and research. you are allowing the country to fall apart. we ask the citizens of this country need to look beneath the rhetoric and do little research and we will find out that what the republican party is really doing is constantly giving us a snow job. that is my comment. >> that is frank in detroit. this is
with demands for more spending cuts. congress began the new year having missed its deadline to keep tax cuts from rising back to 1990's levels for most americans. and to prevent across-the-board spending cuts. instead, house republicans and democrats spent much of the day mulling a bill that cleared the senate shortly before 2:00 a.m. >> the yeas are 89. the nays are 8. 60-vote threshold having been achieved, the bill as amended is passed. >> woodruff: the senate bill makes permanent the bush-era tax cuts for 99% of families, those with incomes under $450,000 a year. anything over that amount would be taxed at a rate of 39.6%, up from the current 35. the agreement would raise the estate tax on large estates to 40%. but the payroll tacut of the last two years would expire. the bill also extends unemployment benefits for a year and it stops a cut in medicare payments for physicians. the senate vote was a rare show of unity welcomed by leaders of both parties. >> as i said, this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country.
in washington, both procedural and political as the white house and congress tried to find a way to avert those automatic tax and spending measures that kick in midnight tonight. the bottom line at this hour, we are headed over the proverbial fiscal cliff. we say that because the senate hasn't voted on any kind of deal. you see it there live. and the house has said even if there is a deal, they're not going to bring any bill to a vote on this new year's eve. so the big question tonight, what impact will it have on every american? we have all of it covered, and we begin with nbc's kelly o'donnell for the latest from capitol hill. kelly? >> reporter: good evening, kate. well, congress is out of time, and frustrations are really running over. and while democrats and republicans say they want to find a solution and they are working toward that, they don't have a deal yet, and that means for now there is nothing to vote on before tonight's deadline. with your money on the line, tonight washington can only claim progress. but not success. >> it appears that an agreement to prevent this new year's tax
be bad for businesses that depend on family spending. fortunately congress can prevent it from happening if they act right now. i just add good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reed and mcconnell are working on such an agreement as we speak. but, if an agreement isn't reached in time, between senator reid and senator mcconnell, then i will urge senator reid to bring it to floor a basic package for an up or down vote, one that protects the middle class from an income tax hike, extends the vital lifeline of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. guys, i can hear you over there. i believe such proposal could pass both houses with bipartisan majorities as long as those leaders allow to the actually come to a vote. if members of the house or the senate want to vote
, is that as long as you are in congress, you will rein in spending and reform government, not raise taxes. it is not for 500 years are two generations. only as long as you are in the house or the senate. he stayed too long that is his problem. you don't tell the bank the mortgage, wasn't that a long time ago? if you make a commitment, you keep it. >> coming up, was met ronnie done in by his own party? the republican presidential candidates may have inflicted mortal damage on him. >> this will go back to the empty chair, he was going to be talking to me tonight about why he said what he said about women. since it is just the chair, as well toss a few questions that appear my question would have been why we use such an offensive idiot to women and the second obvious question, which has to go to the chair, would be why haven't you resigned yet? anyway, let's leave it there, shall we? so we switched to the bargain detergent but i found myself using three times more than you're supposed to and the clothes still weren't as clean as with tide. so we're back to tide. they're cuter in clean clothe
, the commitment for the pledge as peter king well knows when he signed it is as long as you're in congress you will reign in spending and reform government, not raise taxes. it not for 500 years or two generations. it's only as long as you're in the house or the senate. if he stayed too long, that's his problem. but you don't tell the bank, other, the mortgage, wasn't that long time ago? if you make a commitment, you keep it. >> coming up, was mitt romney done in by his own party? when we come back, the republican presidential candidates who may have inflicted mortal damage on him rather than president obama. >> i'm just going to go back to the empty chair, when i was going to be todd akin, who was going to talk to me about what hide said about rape and women. since it's just the chair, my obvious question would have about why are you such an offensive idiot to women? and the second obvious question, which again has to go to the chair unfortunately, would be why haven't you resigned yet? anyway, let's leave it there, shall we? share everything. share brotherly love. share one up's. mom ? mom ?
of the spending cuts. back drama. thursday is the re-election of speaker boehner and the new congress. >> it's possible this is the prelude to a channel thursday. it would be naked to do it. there are conservative in the republican caucus in the house who hate the bill. for good reason. this is a complete surrender on everything. the ratio of tax cut. or tax hike to spending cut is 40 to 1, rather than 1 to 1 or 1 to 2 or 1 to 3. a complete rout by the democrats. so it's understandable. i think what is likely to happen is that the leadership is going to look to get 218 it could secure to send the bill back to the senate. with equal number of spending cuts. boehner will have an open vote unwhipped, republicans will vote as they wish. they will probably be enough with all the democrats to pass this. add one thing. if the republicans vote it down, they to do it at the same time, they have to announce hr-1 introduced thursday. the first bill of the new congress. which i would say should be exact replica that you pass obama cut, pure tax cut, as we went over the cliff. do it on income tax, capita
, conservatives may be able to fight for spending cut when is that becomes a key issue in the new congress. gregg. >> arthel: if negotiations fail or lawmakers don't like a final deal, president obama wants to move forward with a plan c. what's in that? >> it would focus on three key areas. keeping the tax cuts for those making $250,000 a year or less, extending unemployment benefits and delayed dramatic spending cuts until later next year. president obama says the u.s. cannot afford a politically self-inflicted wound to our economy. >> fortunately congress can prevent it from happening if they act right now. i just had a good and constructive discussion with senate and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> the wild card is figuring out what it will take to get a final deal to pass in the house of representatives. they return tomorrow, probably around when we find out if the top two senators reached an agreement. >> gregg: mike emmanuel live in washington. thanks very
as you are in congress, you will rein in spending and reform government, not raise taxes. it is not for 500 years are two generations. only as long as you are in the house or the senate. he stayed too long that is his problem. you don't tell the bank the mortgage, wasn't that a long time ago? if you make a commitment, you keep it. >> coming up, was mitt romney done in by his own party? the republican presidential candidates may have inflicted mortal damage on him. >> this will go back to the empty chair, he was going to be talking to me tonight about why he said what he said about women. since it is just the chair, as well toss a few questions that appear my question would have been why we use such an offensive idiot to women and the second obvious question, which has to go to the chair, would be why haven't you resigned yet? anyway, let's leave it there, shall we? >>> i have listened to you. i have learned from you. and you have made me a better president. with your stories and your struggles, i returned to the white house more determined and more inspired than ever abou
in congress over tax cuts and spending. good evening, i'm cheryl jenning autos so we're going over the fiscal cliff. kregs leaders say they're going to save us from disaster. everyone wants to know will we ring in the new year with more taxes? >> well, we will. and this for a while, anyway. the bush era tax cuts will expire at the strofk midnight. by tomorrow it's expect there'd will be a deal to vote on this, afternoon, the president called supporters to the white house to say an agreement to extend the cuts for middle class is very close. >> preventing that tax hike has been my top priority. last thing folks like folks up here on the stage can afford right is to pay an extrao;ye6) 2,000s ndz taxes next year. >> vice president and hsh mitch mcconnell have been leading on negotiations to extend the increasest qlait tax rate from 35% to 40% and extend unemployment benefits one year. >> we need to pro teblgt american families and job creators from this looming tax hike. everyone agrees that that action is necessary. and i can report we've reached an agreement on tax issues. >> sticking point
-the-board spending cuts take effect. >>> if president obama and congress fails to reach an agreement the price of milk could lead sharply. perhaps $6 per gallon. at issue is the farm bill and how much the federal government pays farmers. john blackstone reports. >> who wants milk? >> me. >> me. >> me. >> reporter: with four children the rasmussen family in california drinks about five gallons a week on milk. if congress doesn't pass the bill, i would cost him $106. that has dad sean rasmussen worried. >> they have to have their milk. we might have to cut elsewhere. >> reporter: without new legislation government prices revert back to 1939 levels. back then the process was more laborious and farmers needed a higher subsidy to cover their costs. dan sumner says the new price of milk would be far above what it now costs dairy farmers to produce it. >> it really will be chaos. >> reporter: so we would go back to this old farm bill which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy farmers. >> well, here's the pr
and spending problems? >> oh, they're absolutely correct in being skeptical, but congress can act. it has acted in the past. regrettably, it usually acts in crisis. for example, during the financial meltdown, when the entire banking system of our nation would have collapsed, congress did act. and we've acted in other situations such as right after 9/11. so, maybe we'll have to have a crisis to get the big things done here. remember, this comes back -- these are all symptoms, what we're dealing with right now. the essential problem is that we're running deficits that are so high, over $1 trillion a year for the next ten years as far as the eye can see fiscally, that are adding to the debt so much additional cost that we're essentially on the path to bankruptcy as a nation. and until we get these deficits under control and get this debt stabilized, we're not going to solve the problem. it's like putting a band-aid on a cut to your artery. it's simply not going to resolve the problem. >> now senator, i want to play something from a former colleague of yours, lindsey graham, what he said about the
and military spending cuts by two months. speaking after the house vote, the president thanked congress for approving the deal. >> the sum total of all the budget agreements we've reached so far proves that there is a path forward, that it is possible. if we focus not on our politics but what's -- but on what's right for the country. and the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, less brinksmanship, not scare the heck out of folks quite as much. >> the bill sets up the next fight in around two months when the spending cuts are set to take effect and the u.s. hits the debt ceiling. treasury secretary timothy geithner's taken steps to delay that date by halting investment into government worker pension funds. the president is vowing to avoid a repeat of 2011 saying he won't engage congress in a debate over the debt ceiling. >> we can't not pay bills that we've already incurred. if congress refuses to give the united states government the ability to pay these bills on time, the conse
. but there are plenty of critics who say congress failed in efforts to reach a deal that was a threat -- threat to deficit spending. >> critics complained the last- minute deal could be summed up like this -- raised payroll taxes for everyone, or let's just wait for everything else. >> this is a new day and not a bright day. it was very much a small ball. was kicking the can down the road. the problem is each time you kick the can, it gets heavier. >> when virginia democrat voted against the deal, saying it did not do enough to help the middle class. last night, president obama conceded he was supporting deal only after failing to get a bigger and better agreement. >> the fact is, the deficit is still too high and we're still investing too little in the things we eat. >> as congress prepares for another showdown over the debt ceiling, conservatives are criticizing the deal. a coalition of business and public leaders pushed hard for a deal to grow the economy. >> they can't solve these problems ahead of time and when they get the deal, it's not even a real deal. >> house speaker john
talking about a little more spending when it comes to the doc fix. actually, it's a lot more spending, but something congress does every year. that's to make sure that medicare patients don't get a fairly dramatic pay cut every so often. in this case it would be at the beginning of this year. there is no debt ceiling as part of this, that's designed to help house republicans vote for this. that was a big sticking point for them. they say with the debt ceiling they can extract more government spending cuts, so that's a fight that will live to see another day. so they are close and, in fact, reached an agreement on these tax portions here. it's just those automatic spending cuts democrats and the white house want to delay those cuts or offset those costs for a few months or possibly a year. republicans say we're fine with delaying those cuts, you just have to come up with other government spending consistents to offset the cost of pushing back those cuts. david: we're just getting late-breaking news from roll call, the president saying eventually he's going to be asking for each more ta
. that is of americans feel after congress failed to reach a deal on taxes and spending. as a result we are going of the fiscal cliff. joining me now, former adviser to president george w. bush and doug shown, democratic strategist and fox news contributor. welcome to you both. >> thank you so much. gerri: am i surprised by what is happenin no. and my interest? no. and so of start with you. how would you grade the president's lead on this issue today? >> well, i'm not trying to give anyone a good mark, the president by and certainly not congress. i hope my colleag in the spirit of the new year would recognizthat the entire political establishment has let us down. we are going to get at best that deal on taxes, not going to get anything to reform entitlements or spending. in my question to you, do you think republicans in the house should vote for this deal? gerri: wait a minute. before you go to that i want to mention, we ould acknowledge your that there is still a possibility the senate will vot on these ideas that we have described ad nauseam today about extending tax cuts for single ardors of
the president and congress. widespread tax increases and automatic government spending cuts will kick in next week. both sides are due back by thursday and have vowed to make a final attempt. stay with us. another check of the forecast. after the break. a puppy stolen from th hey, dad. i love boleros. share what moves you. go, go, go-- yes ! you've got to get one of these. share a great performance. what are you doing ? this tools app is awesome. share the perfect plan. that is awesome. i'm gonna be right back. share everything. this holiday, get verizon's share everything plan. unlimited talk, text, and shareable data across your family's devices. all in one plan. get a spectrum 2 by lg for $49.99 >> and a pop be stolen puppy--- oregon humane society is now home with his rightful owners. chris woodward tells us how social media may have played a role in his return. >> back in the arms, there's no idea what he has been true. >> i was excited. >> moments, they got to be able to see him for the first time since he was stolen. >> he is and my arms again. >> they were here to adopt >> they said t
of congress are set to return for one day more of talks to avert spending cuts at the same time tax cuts expire. one alternative being floated - congress may let income taxes go up on everyone one tick past the stroke of midnight, then quickly vote to decrease tax rates for most americans back to 2012 levels. meanwhile, starbucks ceo howard schultz wants his employees to send a message and scrall, "come together," on cups for drink orders in the d.c. area. it's the first time employees have been asked to write anything other than customers' names on cups. former members of a regulatory agency are walking the well worn path from washington to wall street. since june, 9 members of the commodity futures trading commission have taken jobs at financial firms including jpmorgan chase and japanese investment bank nomura, according to the wall street journal. members of the cftc have been making the transition to help firms intepret changes under the dodd- frank reforms passed in 2010. critics of this revolving door contend ex-staffers can use personal connections to pressure regulators into dev
cliff. >> reporter: and hope is fading that congress can get a deal done before tax hikes and spending cuts kick in january 1st. >> i am not optimistic. >> reporter: even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> reporter: president obama has invited nancy pelosi, john boehner, mitch mcconnell and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are. five days from the new year, and we might finally start talking. >> reporter: today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chambers of congress. >> i don't know time-wise how it can happen now. >> reporter: under senate rules the onlyway a bill could come through the you woulds in time is if every senator agrees not to slow the progress. the house will be back here sunday night giving them just more than 24 hours to vote on any bill the senate works out. outside the beltway, don will be watching. >> everybody's kind of in a wait and se
situation. >> reporter: without a deal, bush-era tax cuts will expire january 1st and deep spending cuts will set in. congress set up the deadline, hoping it would force a compromise. so far, that's backfired. also flying back on air force one is lieutenant governor brian schatz and will likely be sworn in later today. just before taking off, he tweeted that he's looking forward to supporting the president's agenda. reporting live in washington, i'm dan yeielle leigh. mara, back to you. >> thank you. >>> tim geithner is adding to the pressure to get the office calf cliff deal done. in an open letter wednesday, he warned the federal government may not be able to pay its bills once the country reaches its borrowing limit on december 31st, which is monday. that could broil financial markets and lead to a financial downgrade. he proposes a series of extraordinary measures to postpone the date that the u.s. would otherwise default on its legal obligations. geithner estimates his plan would free up about $200 billion, providing roughly two months of wiggle room. >>> well, last night on "the ra
. >> that was senator mitch mcconnell reflecting on why congress has done so little in those 514 days since it passed the bunt control act. that legislation, of course, machine dated those automatic arbitrary spending cuts supposed to motivate congress tone act some kind of comprehensive budget reform. it hasn't worked out had a way. we are now four days away if the fiscal curb. this is the first time all of the congressional leaders met with the president since november 16 in a post-election session. and new this morning, cnbc's john heart swood reporting a mini deal could be in the works. without it like a 60 to 90-day deal and include some tax raises basically for those making about $400 $400,000 or more. this morning a few senators in both parties struck a hopeful tone about the meetings. >> getting a little more optimistic today. >> i think that it is encouraging that people are talking. >> talk is good but on substance, little has changed. >> problem has not been democrats being willing to do cuts. the problem is receive gnaws. we believe this isn't a revenue issue. this is a spending issue. >>
with this congress. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. the treasury department would have trouble paying its bills. many economists worry the financial woes would plunge the u.s. back into a recession. just one possible effect of the fiscal cliff. milk pris could spike $2 or $3 a gallon, because farm programs will expire at the end of the year. some are calling that dairy cliff. live in new york, wendy gillette. >> wendy gillette in new york. thank you. >>> the country has lost one of its great warriors. tributes are pouring in this morning for retired general norman schwarzkopf. the general died yesterday in tampa after a battle with pneumonia. schwarzkopf commanded "operation desert storm" that drove iraqi forces from kuwait. in retirement, he championed causes. norman schwarzkopf was 78. >>> now, to former president george h.w. bush's condition. his chief of staff says he will be in the hospital for a while. the 41st president is recovering from a terrible case of bronchitis with a series of complications. she says that mr. bush is ge
and higher taxes could trigger another recession, as consumers cut back on spending. others said the deadline is not as firm. congress could pass a temporary measure early in the new year doubled will back any changes. political analysts warn some consequences may be immediate. there may be a tremendous response from financial markets and the stock market. that would alarm everybody. stock prices are hearty dropping friday after a plan -- are already dropping after a plan. a poll shows nearly half of americans are doubtful the sides can settle their differences. >> taxes will go up and the 30 million households at least. that is something politicians will respond to it. >> house republican leaders called on the senate to pass two bills this it would avoid the as a booklet. republicans said the lines of communications are still open but the house will not react until the senate does. >> as we ring in the new year next week, maryland will enact new laws. some key provisions that go into effect on the first. >> about a dozen state laws will go into effect when the clock reaches midnight next tue
. the president is addicted to spending, as are the democrats in congress. the president talked about the debt ceiling, and he said he wasn't going to not pay the bills that congress has passed. i would remind the president these are for programs that he was the one that instigated. it's his health care law. i'm a doctor. that law continues to be unworkable, unpopular and unaffordable, and it's the president's stimulus package that i believe was a failure. >> well, many of the bills do predate 2008, but unfortunately we're out of time. i wished we could talk more. senator barrasso, thank you. >> thank you, victor. >>> alison kosik is at the new york stock exchange. 250 points many on the day, alison. >> how long will the good feel last? we'll be back after the break. where is flo? anybody know where flo is? are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy!
they want more spending cuts in the legislation. i think we have time to jump in with one more. the people in congress have their form of entitlements but still end up on vacation with no work done. that's terrace hogan. one of many people complaining that congress only got back together in this respect in recent days and hasn't had this worked out a long time ago. we're going to be sharing your comments throughout the afternoon. throughout the evening. go ahead and send them and martin, we'll be back later on with more. >> congress does work for the people. maybe it's good they hear from the home office from time to time. >>> well there's only one place to spend new year's eve and that is right here with anderson cooper and kathy griffin. they've got a special preview for us. >>> restore revive rejuvenate rebuild rebuild rebuild . >>> leading our coverage from times square on new year's eve. anderson cooper and kathy griffin. the two will host as the new year is welcomed around the world. they're here to tell us what's in store for us. >> i'm here with kathy griffin, kathy, the funny thin
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